Arrow Electronics Receives “Neutral” Rating from Zacks (ARW)
Arrow Electronics (NYSE:ARW)‘s stock had its “neutral” rating reiterated by Zacks in a research note issued to investors on Friday, American Banking News reports. They currently have a $55.00 price target on the stock. Zacks‘ price objective suggests a potential upside of 4.30% from the company’s current price.
Zacks‘ analyst wrote, “Electronic component distributor Arrow posted lower-than-expected third-quarter results. However, year-over-year comparisons were modestly up and the company’s positive commentary about enhanced productivity, annual cost savings and expected contributions from Europe are encouraging. Moreover, the company provided promising guidance. However, the cyclicality of the components business and competition from peers could pose headwinds for the company. Thus, we reiterate our Neutral recommendation on Arrow with a target price of $55.00.”
Shares of Arrow Electronics (NYSE:ARW) traded down 0.38% during mid-day trading on Friday, hitting $52.53. 150,249 shares of the company’s stock traded hands. Arrow Electronics has a 52 week low of $36.11 and a 52 week high of $54.53. The stock’s 50-day moving average is $52.43 and its 200-day moving average is $47.65. The company has a market cap of $5.292 billion and a price-to-earnings ratio of 12.65.
Arrow Electronics (NYSE:ARW) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $1.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.20 by $0.02. The company had revenue of $5.05 billion for the quarter, compared to the consensus estimate of $5.15 billion. During the same quarter in the previous year, the company posted $1.02 earnings per share. The company’s revenue for the quarter was up 1.7% on a year-over-year basis.
A number of other analysts have also recently weighed in on ARW. Analysts at Ned Davis Research upgraded shares of Arrow Electronics from a “neutral” rating to a “buy” rating in a research note to investors on Monday. Separately, analysts at Stifel Nicolaus raised their price target on shares of Arrow Electronics from $55.00 to $58.00 in a research note to investors on Wednesday, November 13th. They now have a “buy” rating on the stock. Finally, analysts at Stifel Nicolaus raised their price target on shares of Arrow Electronics from $50.00 to $55.00 in a research note to investors on Friday, November 1st. They now have a “buy” rating on the stock. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $53.14.
Arrow Electronics, Inc (NYSE:ARW) is a provider of products, services and solutions to industrial and commercial users of electronic components and enterprise computing solutions.
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